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Close AMEX/Product Change/Leave Open?

tag
myjourney
Super Contributor

Re: Close AMEX/Product Change/Leave Open?


@L-TWT wrote:
😩
How un fortunate

Tell me about it I think they figured out no one applied for those cards but everyone seemed to want to downgrade to them righjt around AF time  Lol Oooops 

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 11 of 18
SunriseEarth
Moderator Emeritus

Re: Close AMEX/Product Change/Leave Open?


@anelson524 wrote:
Hi Everyone, I have been getting more and more active with my credit as of lately since pending a mortgage within the next year or two. I currently have an AMEX Gold Card with the fee increasing to $160/year. I do not use this card at all, just a few purchases here and there for some activity to report but less than $500/yr. I've never been fond of paying the fee for a card I don't use and now with the increase I question it more. The issue is that it was my first credit card I had, I was an authorized user on my fathers account. While being an AU I eventually opened my own gold card account some time later. While the report reflected the account age of 1984 when I opened my account, it continues to do so after closing the AU card I had on my dads account. With this being my oldest account I really don't believe it to be a smart idea to close. The caveat is that although it shows the account age as beginning in 1984 I was not even born until a few years later due to the backdated reporting no longer available. I fear even with a product change it may or may not effect the reporting age of the account. I'm just looking for some general advice on what others believe the best scenario would be. Thanks!

If you want to maintain AAoA, I'd recommend PCing to Green and then just use enough AMEX Offers to offset the AF.



Start: 619 (TU08, 9/2013) | Current: 809 (TU08, 3/05/24)
BofA CCR WMC $75000 | AMEX Cash Magnet $64000 | Discover IT $46000 | Disney Premier VS $43600 | Venmo VS $30000 | NFCU More Rewards AMEX $25000 | Macy's AMEX $25000 Store $25000 | Cash+ VS $25000 | Altitude Go VS $25000 | Synchrony Premier $24,200 | Sony Card VS $23750 | GS Apple Card WEMC $22000 | WF Active Cash VS $18,000 | Jared Gold Card $16000 | FNBO Evergreen VS $15000 | Citi Custom Cash MC $14600 | Target MC $14500 | BMO Harris Cash Back MC $14000 | Amazon VS $12000 | Freedom Flex WEMC $10000 | Belk MC $10000 | Wayfair MC $4500 ~~
Message 12 of 18
Mattopotamus
Frequent Contributor

Re: Close AMEX/Product Change/Leave Open?


@CreditCuriousity wrote:

@Anonymous wrote:
just PC it to the everyday card. backdate will follow

Can't PC a charge card to a revolver.  OP can downgrade to green or upgrade to Plat though which probably neither make sense for him/her?


interesting.  I PC my gold preferred to the ED last year.

Message 13 of 18
CreditCuriosity
Moderator Emeritus

Re: Close AMEX/Product Change/Leave Open?


@Mattopotamus wrote:

@CreditCuriousity wrote:

@Anonymous wrote:
just PC it to the everyday card. backdate will follow

Can't PC a charge card to a revolver.  OP can downgrade to green or upgrade to Plat though which probably neither make sense for him/her?


interesting.  I PC my gold preferred to the ED last year.


You sure you PC'ed it or did it close and open a new trade line on your credit report?  Never heard of a successful Charge Card to revolver coversion.

Message 14 of 18
Mattopotamus
Frequent Contributor

Re: Close AMEX/Product Change/Leave Open?


@CreditCuriousity wrote:

@Mattopotamus wrote:

@CreditCuriousity wrote:

@Anonymous wrote:
just PC it to the everyday card. backdate will follow

Can't PC a charge card to a revolver.  OP can downgrade to green or upgrade to Plat though which probably neither make sense for him/her?


interesting.  I PC my gold preferred to the ED last year.


You sure you PC'ed it or did it close and open a new trade line on your credit report?  Never heard of a successful Charge Card to revolver coversion.


Actually you are right.  I just looked and they did in fact close the old account and open it as a new one.

Message 15 of 18
CreditCuriosity
Moderator Emeritus

Re: Close AMEX/Product Change/Leave Open?


@Mattopotamus wrote:

@CreditCuriousity wrote:

@Mattopotamus wrote:

@CreditCuriousity wrote:

@Anonymous wrote:
just PC it to the everyday card. backdate will follow

Can't PC a charge card to a revolver.  OP can downgrade to green or upgrade to Plat though which probably neither make sense for him/her?


interesting.  I PC my gold preferred to the ED last year.


You sure you PC'ed it or did it close and open a new trade line on your credit report?  Never heard of a successful Charge Card to revolver coversion.


Actually you are right.  I just looked and they did in fact close the old account and open it as a new one.


Thanks for looking and making sure we weren't losing our minds or the rules hasn't changed Smiley Happy..  

Message 16 of 18
anelson524
Established Member

Re: Close AMEX/Product Change/Leave Open?

Well I went ahead and downgraded to the green card. Thanks for your help and input everyone!
AMEX Gold NPSL (06/84) || Chase Freedom (03/08) $6,400 || BestBuy (08/10) $3,100 || Amazon Store (11/11) $5,000 || Chase CSP (11/12) $26,800 || Chase UnitedClub (02/16) $29,000 || Citi Prestige (02/16) $20,000

AU with Wife: $27,000 Chase UnitedExplorer || Chase Freedom $15,000
Message 17 of 18
CreditCuriosity
Moderator Emeritus

Re: Close AMEX/Product Change/Leave Open?


@anelson524 wrote:
Well I went ahead and downgraded to the green card. Thanks for your help and input everyone!

Ya will be downgrading my platinum to Green at year mark.  Got my 100k MR's and have other travel cards with hefty AF's that serve me better.  Worth the 95$ to me to keep the AAoA open and a charge card with Amex.  Will apply for a PRG probably Dec of this year for the 50k MR, thus not the downgrade to PRG from Plat as ruins bonus :/.

Message 18 of 18
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